Market Size of Canada Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 11.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Solar Energy Market Analysis
The Canadian solar energy market is expected to register a CAGR of more than 11% during the forecast period.
The country was significantly impacted due to the COVID-19 outbreak but has reached pre-pandemic levels.
- Over the medium term, factors such as upcoming solar projects and supportive government policies to reduce reliance on fossil fuels are anticipated to boost the Canadian solar energy market.
- On the other hand, widespread usage of alternative energy sources, such as hydro and wind power generation in the country, is expected to restrain the market's growth.
- Nevertheless, Canada plans to achieve net-zero emissions by 2050 and is expected to replace the share of fossil fuel in the energy mix with renewables. Hence, such an ambitious target is expected to provide an opportunity for the solar market in the coming years.
Canada Solar Energy Industry Segmentation
Solar energy is the energy obtained from the sun's rays converted into thermal or electrical energy. It is the cleanest form of energy that is abundant in nature. Solar energy is harnessed by photovoltaics, heating & cooling, and concentrated solar power. Due to the development of resilient technology, today, solar energy is majorly used to generate electricity by various consumers, including residential, industrial, and commercial.
Canada's solar energy market is segmented by technology type. By technology type, the market is segmented into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP). For each segment, the market sizing and forecasts have been done based on installed capacity (GW).
| Technology | |
| Solar Photovoltaic (PV) | |
| Concentrated Solar Power (CSP) |
Canada Solar Energy Market Size Summary
The Canadian solar energy market is poised for significant growth, driven by a combination of government policies and ambitious renewable energy targets. The country aims to reduce its reliance on fossil fuels and achieve net-zero emissions by 2050, which is expected to create substantial opportunities for solar energy expansion. Despite the presence of alternative energy sources like hydro and wind power, the vast solar resources in provinces such as Alberta, Manitoba, Ontario, and Saskatchewan are set to play a crucial role in this transition. The market has already seen a notable increase in installed capacity and generation, with ongoing and upcoming projects further bolstering its development. Government initiatives and programs are also supporting the scalability of solar energy, contributing to a robust market environment.
Canada's commitment to generating a significant portion of its electricity from renewable sources by 2030 aligns with its broader clean energy goals. The solar energy market is expected to be a key component in achieving these objectives, as the country seeks to reduce greenhouse gas emissions and transition to a more sustainable energy system. The market is moderately fragmented, with key players actively investing in new projects to enhance capacity and generation. These developments, coupled with supportive policies and programs, are anticipated to drive the growth of the solar energy market in Canada, positioning it as a vital contributor to the country's energy landscape in the coming years.
Canada Solar Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Installed Capacity and Forecasts in GW, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION AND ANALYSIS
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2.1 Technology
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2.1.1 Solar Photovoltaic (PV)
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2.1.2 Concentrated Solar Power (CSP)
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Canada Solar Energy Market Size FAQs
What is the current Canada Solar Energy Market size?
The Canada Solar Energy Market is projected to register a CAGR of greater than 11% during the forecast period (2024-2029)
Who are the key players in Canada Solar Energy Market?
Canadian Solar Inc., Greengate Power Corporation, AMP Solar Group Inc., Quadra Power Inc. and BluEarth Renewables Inc. are the major companies operating in the Canada Solar Energy Market.
